Monday, December 8, 2014

What A Mess -- Coal -- December 8, 2014

There are too many parts to this coal story, so I won't comment on it, but to simply link it.The Casper StarTribine is reporting:
An Australian company behind two proposed coal ports in the Pacific Northwest recently sold its North American assets to a Denver private equity firm in an apparent bid to stave off a cash crisis, regulatory filings show.
Ambre Energy, of Brisbane, will sell two Rocky Mountain coal mines and its stake in export docks planned for Oregon and Washington to Resource Capital Funds for $18 million, according to company filings with Australian regulators.
Resource Capital Funds is a long-standing investor in Ambre, maintaining a voting position on the company's board and loaning its Australian partner at least $95 million.
The deal came as Ambre racked up debt, and it followed Oregon regulators' rejection of the company's plans to ship nearly 9 million tons of coal annually from facilities on the Columbia River.

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